Real Estate Without Borders

Episode: Crowdfunding Deals in Poland & Lithuania
Date: March 6, 2026
Host: Real Estate Without Borders
Guest: Gustas (Founder of Inrento)

Episode Overview

In this episode, the host welcomes Gustas, founder of Inrento—a European real estate crowdfunding platform. The conversation offers a practical and nuanced look into how Inrento bridges funding gaps for real estate deals across six European markets, focusing on Poland and Lithuania. The episode provides an inside view of the legal, structural, and operational complexities of cross-border crowdfunding, catering especially to advanced investors and developers seeking alternative financing avenues in Europe.

Key Discussion Points & Insights

Origins and Purpose of Inrento (00:28–03:02)

• Background: Gustas founded Inrento after operating the largest real estate crowdfunding aggregator in Europe.
  “Before founding Inrento, I developed a largest real estate crowdfunding deals aggregator in Europe. So think of it this way. So like you have booking.com where you have one account and you can book all hotels in the world basically. So I had this ambition of making such a service as well, basically having a one account access to multiple platforms.” (B, 00:30)

• Market Niche: Inrento was established to serve medium-to-low risk real estate deals, as most platforms focused on high risk/high return until then.

• Problem Solved: European banks are slow and conservative; many bankable borrowers struggle to obtain funding quickly. Inrento steps in where traditional financing can’t move fast enough.

  • Crowdfunding services clients who can't move fast enough for auctions or need rapid settlements.
  • Focuses on raising capital from retail and institutional investors for developers facing these time constraints.

Regulatory Framework and Investor Protections (04:22–06:55)

• European Regulation:
  “In Europe we are regulated under European crowdfunding legislation. So it's a single law for all EU markets. So basically our license is issued by European Central Bank.” (B, 04:22)

• Process: Passporting the license from Lithuania to any EU state standardizes compliance.

• Investor Protection:

  • Every deal is secured by a first-rank mortgage on existing assets (not land or new developments).
  • Borrowers must provide warranties/guarantees; SPVs aren’t direct borrowers.
  • Over €80 million ($100M) financed since 2020 with zero defaults.

“We finance over 80 million euros, so close to $100 million in property finance. To date since 2020 we have had zero defaults.” (B, 05:49)

Deal Structure, Returns, and Risk (06:55–09:29)

• Debt Products Only: The platform offers non-tradable loans, not equity.
  • “We don't offer securities, we only offer loans. So in Europe loan is not considered a security bond is. But A loan is not.” (B, 07:50)
• Types of Deals:
  • Fixed monthly interest or capital gain (targeting 9–12% pa; capital gain component ~1.5–2% pa)
  • Variable interest driven by property value appreciation on certain deals
• No greenfield or land deals—only existing, cash-flowing or underused assets.

Sourcing, Geography & Types of Deals (10:20–16:28)

• Developer Profile: Typically mid-sized or large developers who need funding swiftly and accept higher costs.

• Deal Sizes: Focus on mid-size deals (over €1–2M, under €10M). Space “too big for private investors, too small for big banks.”

• Sourcing Channels: Direct sales, brokers, and word of mouth—faster execution attracts reputable clients.

  • “If you, let's say, look, in Europe, typically deals up to 1 million euros are done by private investors ... Then you have the large developer space which starts from 10, 15 million euros project cost. The space in between is done by no one.” (B, 11:57)

• Key Criteria for Selection:

  • Assets must be acquired significantly below market value or offer a high yield.
  • Developers must have substantial margin to cover obligations.

• Geographic Focus:

  • Primary: Lithuania and Poland (“our largest focus has been lately Lithuania and Poland” (B, 14:19))
  • Additional: Ireland, Spain, Italy, Latvia—significant effort for local adaptation.
  • Expansion approach: ‘Test and scale’—enter, complete deals, then build local teams.

• Market differences: “Even though, you know, the EU may sell you this message of like there's one single market ... when it comes to real estate law, mortgage law, all the different nuances, it's completely different world.” (B, 14:37)

• Niche discipline is key: “If you want to be profitable in financial industry, you must be disciplined and you must understand your niche.” (B, 15:27)

Cross-Border & Regulatory Complexities (16:28–18:06)

• Challenges:
  • Legal frameworks differ by country.
  • The language barrier adds complexity. “The biggest struggle I have in my business is ... finding a person with experience in banking, being hungry, speaking fluent English, and having a sense of urgency ... it's really complex.” (B, 17:23)

Investor Base: Who is Investing? (19:22–22:03)

• International investor base, especially German investors.
• Three investor segments:
  1. Advanced retail (e.g., regular small-to-medium monthly investments)
  2. High-net worth individuals (usually 100k+ investments)
  3. Institutions/companies (up to €500k+ per deal)
• All deals are typically funded within days, so focus is on deal acquisition, not investor acquisition.
  • “We have more investors than we can service. So basically we have, you know, like most of our deals are funded like in less than a day, like despite the size.” (B, 20:56)
• No US/Canadian retail investors allowed due to regulatory/tax complexity, but open to local and EU investors (minimum €500 investment).

US and Canadian Participation: Options & Limitations (22:03–29:01)

• No direct investment for US/Canadian individuals due to tax filing and regulatory burden.

  • “I've already got more clients, you know, from Europe, which I don't need to establish the structures for.” (B, 22:53)

• Workaround for US/CA-based sponsors:

  • If a US/Canadian client wants to develop or acquire property (e.g., a boutique hotel in Italy) via a corporate structure, Inrento can facilitate funding as a lender.
  • Example: Secure property, sign preliminary agreement, Inrento provides financing secured by a mortgage, funds transfer through notary escrow.
  • Expensive, but after a “track record” is built, easier to refinance with local banks.

• Refinance model: Most common exit is for developers to bridge finance with Inrento, then move to cheaper bank financing after demonstrating cash flow, or exit via sale.

  • “So basically what we are doing, we are looking so what kind of bankable clients cannot get bank credit and for what reasons? So in each market this answer is different.” (B, 15:03)

Revenue Model & Fee Structure (29:01–31:47)

• Main revenue: One-time commission paid by the borrower at deal closing.
• Other income:
  • Secondary market exit by investors (2% fee)
  • “Basically we offer various different services. So let's say we have secondary market... we charge 2% there…” (B, 31:21)

Notable Quotes & Memorable Moments

• “Crowdfunding and real estate crowdfunding in general is nothing new. But most of the platforms still behave like it's something new.” (B, 00:56)
• “We finance over 80 million euros, so close to $100 million in property finance. To date since 2020 we have had zero defaults.” (B, 05:49)
• “If you want to be profitable in financial industry, you must be disciplined and you must understand your niche.” (B, 15:27)
• “Most of our deals are funded in less than a day, like despite the size. So even 5 million euros we funded in a couple of days.” (B, 20:56)

Timestamps for Key Segments

• 00:28 – Gustas’ background and origin of Inrento
• 04:22 – Regulation and compliance in EU crowdfunding
• 06:55 – Deal structure, returns, risks
• 10:20 – Supply side: sourcing and types of deals
• 14:19 – Geographic focus and strategy for expansion
• 16:28 – Regulatory and operational complexity, language barriers
• 19:22 – Investor types and how capital is raised
• 22:03 – US/Canada investor limitations and workarounds
• 26:29 – Mechanics of funding a property (case study: buying a boutique hotel in Italy)
• 29:01 – Exits and bridge finance model
• 31:03 – Fee structure and secondary market

Closing Thoughts

The episode concludes with an invitation to Gustas for recurring appearances to provide market updates and deeper dives into country-specific real estate crowdfunding opportunities. While Inrento primarily serves European investors, the model holds valuable lessons for cross-border dealmakers everywhere. Inrento emerges as a specialized, disciplined, and well-regulated bridge lender, offering unique access to mid-sized deals in under-served European markets.

Contact & Resources

• Website: inrento.com
• Email (Gustas): gustav@invento.com

(All contact info will also be in the show notes.)